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Toowoomba Furniture (TF) reported sales revenue of $ 3.2 million for the year ended 30 th June 2022. In preparing the financial statements, the following

Toowoomba Furniture (TF) reported sales revenue of $ 3.2 million for the year ended 30th June 2022. In preparing the financial statements, the following matters are considered:

a) Income tax expense for the year ended 30th June 2022 was $ 43,728.

b) Financial restructuring has resulted in the disposal of land, bought in 2003 for the expansion, for a profit of $40,000.

c) A dividend of $ 5,200 has been received from a subsidiary company.

d) Other expenses incurred:

Interest $ 96,000
Wages and salaries 1,098,400
Selling expenses 500,000
Administration expenses 20,000
Bad debt 40,000
Other expenses 88,000
Electricity/water 96,000
Cost of Sales 1,000,000

e) On 10 October 2022 plant with a carrying amount of $64,000 was destroyed by a fire.

f) During the period non-current asset were re-valued upward by a net $ 24,000.

g) The foreign currency translation reserve reduced by $12,000 as a result of translating the financial statement of a foreign operation.

h) Balance of retained earnings as at 1 July 2021 was $113,400.

Required: Prepare a statement of comprehensive income in accordance with the requirement of AASB 101. (18 Marks)

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